We maintain BUY. V-Guard reported a mixed bag with in-line revenue growth and miss on EBITDAM. In the backdrop of volatile commodity prices, the co. was unable to pass on input costs given the weakness in Kerala (~25% revenue mix). South market clocked 9% revenue growth (a 7 quarter high) despite weakness in Kerala (impacted by floods). Non-South market (37% revenue mix) continued to outperform with 18% revenue growth. EBITDA/APAT grew by -9/-6% (exp. 6/10%).